Escrow Manager/Officer
Qualities
- Experienced Escrow Officer
- Knowledgeable
- Reliable
- Dependable
- Honest
- Conscientious
- Detail Oriented
- Problem Solver
- Gets the job done
- DOC Manager Approval
- Lifetime Teaching Credential
- State of California Community College District
- Real Estate Related
- State of California Community College District
- Sale Escrows
- Residential
- Commercial
- Industrial
- Tract
- Mobile Homes
- Bulk Sale Escrows
- Businesses
- Alcoholic Beverage Licenses
- 1031 Exchange Escrows
- Refinance (loan) Escrows
- Sale of Trust Deed Escrows
What is an escrow?
Escrow is a third party neutral depository for money and documents by two or more parties to be held until certain conditions are met. The conditions for a sale are outlined in the purchase contract and sale escrow instructions. The conditions for a loan are outlined in the lender's documents and loan escrow instructions. The sale may involve real property, such as a home, a condominium, a townhouse, an apartment building, a commercial or industrial property or vacant land; personal property, such as a manufactured or mobile home; a business, such as a restaurant, a market, a liquor store, a hair salon, etc.
Why use an escrow?
Using an escrow assures the parties that all the conditions will be met before the documents and funds change hands. An experienced escrow holder assures the parties that the required documents will be drawn properly, any items of public record as disclosed by a title report which need to be eliminated will be, and finally, a clear, concise accounting of all funds involved in the transaction will be furnished at the close of escrow.
How much are escrow fees and who pays?
Escrow fees are usually and customarily based upon the total consideration of the sale or loan. Escrow fees for a sale transaction usually have a flat fee plus a dollar amount per thousand of consideration plus any out-of-pocket expenses. Escrow fees for a loan transaction are usually a flat fee amount based upon the loan amount range. Escrow fees for a sale are usually paid one-half by the buyer and one-half by the seller. Loan escrow fees are paid by the borrower.
Who can handle your escrow transaction?
Escrows may be handled by Title Companies, Banks,Savings & Loans, Real Estate Brokers, Mortgage Brokers, Attorneys and Independent Escrow Companies, all of which are regulated by various State Agencies. Independent Escrow Companies are regulated by the Corporations Commissioner, commonly call the "D.O.C.". They are required to maintain a certain level of liquid assets, have at least one experienced escrow officer on duty at all times and must also procure a bond through Escrow Agents Fidelity Corporation which requires a fingerprint and Department of Justice check on each employee.
What is title insurance and must I have it?
Title insurance in a insurance policy issued by a title company licensed to do business in the state where the property is located and is intended to protect the buyer of real property against loss if the title to a property is flawed in any way. (Prior forgeries, missed items of record such as deeds of trust, easments, etc.) Lender's will require title insurance to protect their interest in the property.
Information contained on this web site is deemed reliable but not guaranteed.
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